In this paper I argue that the relationship between the state and universities remains highly problematic for university managers. Despite this, there are spaces for new approaches. Concerns about academic values are central to the reconceptualisation of modem universities. I will argue that a deeper theorisation of the role of universities presents alternative options for university managers. In particular, these can lead to a more democratised form of university management. These processes are not without tensions and it is important not to overstate the role of management in the process of change.